Annual accounting scheme (AAS) ― operating the scheme

Produced by a Tolley Value Added Tax expert

Value Added Tax

Guidance

This guidance note provides an overview of how to operate the annual accounting scheme. This note should be read in conjunction with the Annual accounting scheme (AAS) ― eligibility, joining and leaving the scheme guidance note.

Overview

When a business joins the scheme, the first day of the current VAT return period is normally the start of the annual accounting tax year. However, if the business applies to use the scheme late in a VAT return period, the first day of the annual accounting tax year will most likely start at the beginning of the next VAT return period. Please see Example 1.

The annual accounting year will normally finish on the last day of the month, normally 12 months later. However, businesses can request that the annual accounting year is aligned with their business accounting year end or takes into consideration any busy or slack trading periods. The first annual accounting year may therefore not be 12 months long, if the business requests a date that coincides with its chosen

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